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Fact sheet for families

Families come in all shapes and sizes and it’s no easy feat finding a home that suits your circumstances.


Whether you’re a parent or looking to start a family, making the right investment today that will reap benefits tomorrow, there’s a lot to consider as your family grows. We’ve prepared this checklist to help you along the way.

 

Price

There’s more to the cost of a home than the price you pay today. How much will this home cost you over time? Ask yourself these questions:

 

  • What will your mortgage repayments and bank fees cost each month? How much are the council rates? Are there body corporate or strata fees? How much will insurances cost you?

  • Is the home energy and water efficient? How much will this home cost to heat and cool? How much will you spend on water?

  • Will you be taking public transport or driving a car? How much will you spend each month on transport factoring in school runs and extra-curricular activities?

  • How will your property increase in value over time to set you up in good financial stead to upsize (if your family grows) or cushion mortgage repayments down the track?

  • How much extra will you spend if interest rates rise by a quarter, half or even a full per cent?

Location

 

The real estate agent cliché “location, location, location” is vitally important for families. There are major benefits looking into areas that are already developed Ask yourself:

  • How close is this home to schools, public transport, parks and playgrounds?

  • Have I checked in with my state Department of Planning and Infrastructure in case any new developments might affect my family as construction creates congestion and traffic?

  • Where is the closest hospital to this property in case of emergency?

  • Am I buying into a development or area that is likely to increase in value over time?

Quality

Most people hold fond memories of their first family home, often because it’s the place where you’ll spend many years building roots and growing together. Although you can’t put a price on sentiment, it is worth making sure a home is structurally sound to stand the test of time and not cost a small fortune to upkeep. Ask yourself:

  • Have I given my prospective new home a health check? Is the foundation secure? Will I get a nasty shock from termites and pests? Is there any sign of mould? These questions can save you time and money down the line.

  • Is your home child-friendly? According to Livable Housing Australia, 62 per cent of all falls and slip-based injuries occur in the family home.

  • Is there plenty of room for storage as your family grows? Is there plenty of living and outdoor space? It’s worth studying floor plans to ensure smart planning will make for easy living.

 

Liveability

Liveability is the sum of all the factors that add up to a community’s quality of life – everything from the built and natural environments to culture, community activities and cafés on your doorstep. Ask yourself:

 

  • What sort of lifestyle do you want for you and your family? How will your home or community accommodate this as this changes over time?

  • How much space you need? Does this home suit what you require?

  • Will you have plenty of garden space for children to run around in?

  • Is it a safe neighbourhood?

  • Are you nearby to sporting centres and outdoor activities for children?

  • Are you nearby to cafes and restaurants to give yourself time to unwind every now and then?

  • Do you have access to parks and walkways to encourage family activities, fun and fitness?

 

Investment

 

Your first family home will be your most significant property purchase, so it’s important to ensure that when the time comes to move and downsize, that the years will give something back to you. Ask yourself:

 

  • Is my home likely to increase in value?

  • How can I be sure I’ve made a secure investment that will provide financial security down the track?

 

Buying a home for your family is an incredibly exciting and special time that should be treasured and enjoyed. However, it’s important to consider the elements that can enhance or diminish your quality of life before you take the plunge.

 

Investing in a Green Star rated community can alleviate some of this stress, giving you confidence in the quality of your property, the liveability of your community and the long-term security of your investment.